Tory shadow Chancellor George Osborne is in town, but will he find time for a drink at Oleg Deripaska's soirée after all those shenanigans in Corfu? The Russian tycoon has bought his own Davos chalet just so he can host the bash, having decided that the party he held last year, at Nat Rothschild's place in down-the-road Klosters, was a bit of a pain for everyone to get to. Mr Rothschild is expected at the Deripaska shindig too, so this could be the ideal moment for the three to reminisce about those long summer nights. What a pity Peter – now Lord – Mandelson isn't here to complete the set.

How the press got it right all along

High praise for the fourth estate from one speaker, an influential business college dean, who told a seminar yesterday that the financial press had done a much better job of getting to grips with the credit crunch than the majority of financial regulators. What a pity that the speaker felt it necessary to add as a postscript"- which isn't saying much."

From Russia with love (as long as you're male)

Vladimir Putin's party last night was rather lacking in – how shall we put it – the feminine touch. That's because the Russian prime minister didn't bother to invite any women. Quite the reverse, in fact: members of the fairer sex were specifically barred from the bash. Mr Putin is renowned for being a man's man – from his love of fishing to the instructional judo DVDs. So were the male party-goers required to strip from the waist up, as in the famous photo shoot?

The Murdochs sample the local produce

Not everyone is living the life of Riley in Davos. Spotted dining out on a frugal cheese fondue – good honest local fare – were Rupert Murdoch and his son James. With their loyal Times editor James Harding joining the party, expect plenty of sniping in that newspaper about Davos attendees who have dared to push the boat out this year.

When the gloom allgets too much

It's not all bad news for WEF-goers: on the slopes, locals say the snow conditions are incredibly good for this time of the year and the forecast for the rest of the week is clear skies and sunshine. So at least there's somewhere for delegates to escape to, when the WEF just gets too gloomy.